MIRA
INFORM REPORT
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Report Date : |
19.03.2011 |
Note: The
registered office of the company has been shifted from 11,
IDENTIFICATION DETAILS
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Name : |
SWAN SOLUTIONS AND SERVICES PRIVATE LIMITED |
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Registered Office : |
403-406, 4th Floor, Twin Complex, Phase – I, Marol, Maroshi
Road, Opposite, Marol Fire Brigade, Andheri, (E), Mumbai – 400059,
Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
26.05.1995 |
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Com. Reg. No.: |
11-88807 |
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CIN No.: [Company
Identification No.] |
U32200MH1995PTC088807 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS21029B |
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PAN No.: [Permanent
Account No.] |
AABCS4048N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Providing Information Technology Solutions |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (47) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 59000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
Management Non Co-Operative.
LOCATIONS
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Registered / Head Office : |
403-406, 4th Floor, Twin Complex, Phase – I, Marol, Maroshi
Road, Opposite, Marol Fire Brigade, Andheri, (E), Mumbai – 400059,
Maharashtra, India |
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Tel. No.: |
91-22-67718011/ 67718000/ 23441352 |
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Fax No.: |
91-22-67718080/ 23438552 |
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E-Mail : |
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Website : |
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Head Office 2: |
No. 5/3, 2nd Floor, Seetha Nagar, 1st Street, Valluvar
Kottam High Road, Nungambakkam, Chennai-600034, Tamilnadu, India |
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Tel No.: |
91-44-45590440 |
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Email: |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Mohammed Abidali Sutarwala |
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Designation : |
Chairman and Managing Director |
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Address : |
332, |
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Date of Birth/Age : |
14.01.1963 |
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Date of Appointment : |
19.06.1995 |
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Name : |
Mr. Nazmuddin Abidali Sutarwala |
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Designation : |
Director |
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Address : |
332, |
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Date of Birth/Age : |
02.09.1965 |
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Date of Appointment : |
19.06.1995 |
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Name : |
Mr. Murtuza Abidali Sutarwala |
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Designation : |
Director |
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Address : |
332, |
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Date of Birth/Age : |
10.08.1974 |
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Date of Appointment : |
19.06.1995 |
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Name : |
Mrs. Kamal Hiralal Sejpal |
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Designation : |
Director |
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Address : |
Flat No.103, Tower – 2B, Sidhachal Phase VI, Thane (West), Mumbai –
400607, |
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Date of Birth/Age : |
21.03.1972 |
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Date of Appointment : |
01.04.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Mohammed Abidali Sutarwala |
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1000 |
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Nazmuddin Abidali Sutarwala |
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1000 |
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Murtuza Abidali Sutarwala |
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1000 |
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Total |
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3000 |
As on 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing Information Technology Solutions |
GENERAL INFORMATION
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No. of Employees : |
Information denied by the management. |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Lakhani and Company Chartered Accountant |
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Address : |
Hemsharsaka, |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
3000 |
Equity Shares |
Rs.100/- each |
Rs.0.300
Million |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.300 |
0.300 |
0.300 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
14.644 |
11.819 |
14.476 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
14.944 |
12.119 |
14.776 |
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LOAN FUNDS |
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1] Secured Loans |
2.505 |
2.519 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
2.505 |
2.519 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.291 |
0.336 |
0.245 |
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TOTAL |
17.740 |
14.974 |
15.021 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7.477 |
7.975 |
8.316 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1.498
|
1.169 |
3.233
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Sundry Debtors |
29.833
|
23.298 |
59.713
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Cash & Bank Balances |
7.900
|
7.308 |
1.937
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Other Current Assets |
0.229
|
0.159 |
15.300
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Loans & Advances |
4.399
|
4.518 |
1.502
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Total
Current Assets |
43.859
|
36.452 |
81.685 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
22.583
|
10.097 |
56.174 |
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Other Current Liabilities |
0.000
|
0.000 |
0.000
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Provisions |
11.013
|
19.356 |
18.806
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Total
Current Liabilities |
33.596
|
29.453 |
74.980
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Net Current Assets |
10.263
|
6.999 |
6.705
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
17.740 |
14.974 |
15.021 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
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273.513 |
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Other Income |
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|
27.454 |
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TOTAL |
168.481 |
302.188 |
300.967 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
163.865 |
291.984 |
291.046 |
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PROFIT BEFORE
TAX |
4.616 |
10.204 |
9.921 |
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Less |
TAX |
1.791 |
4.087 |
3.488 |
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PROFIT AFTER TAX
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2.825 |
6.117 |
6.433 |
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Earnings Per
Share (Rs.) |
941.69 |
2069.62 |
2144.18 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
1.68
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2.02 |
2.14 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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NA |
3.63 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.99
|
22.97 |
11.02 |
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Return on Investment (ROI) (PBT/Networth) |
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0.31
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0.84 |
0.67 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.42
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2.64 |
5.07 |
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Current Ratio (Current Asset/Current Liability) |
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1.30
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1.24 |
1.09 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
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Sundry Creditors |
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For Goods |
21.949 |
9.547 |
55.698 |
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For Expenses |
0.634 |
0.550 |
0.476 |
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Total |
22.583 |
10.097 |
56.174 |
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U32200MH1995PTC088807 |
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Name of the
company |
SWAN SOLUTIONS
AND SERVICES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
403-406, 4th Floor, Twin Complex, Phase – I, Marol, Maroshi
Road, Opposite, Marol Fire Brigade, Andheri, (E), Mumbai – 400059,
Maharashtra, India |
|
Type of charge |
Book Debts Movable Property Others Immovable
Property |
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Particular of
charge holder |
UCO Bank, Andheri East (1550) Branch, |
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Email |
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Nature of
description of the instrument creating or modifying the charge |
1.Hypothecation
of Goods to Secure Demand Cash Credit 2.Hypothecation
and Book Debts to secure Demand Cash Credit 3.Demand
Promissory Note 4.Agreement for
Extension of Charge by way of Hypothecation over Current Assets to secure Non
Fund Based Facilities. 5.Letter of
Deposit of Title Deeds |
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Date of
instrument Creating the charge |
27.11.2010 |
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Amount secured by
the charge |
Rs.16.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 3.75% p.a. over
bank base rate i.e. 12.25% p.a. with monthly rest Terms of
Repayment On Demand Margin i) Debtors: NIL ii) Stock: NIL iii) Primary
Security Rs.1.000 Million (25%) iv) Collateral :
25% Extent and
Operation of the charge Extent and
operation of charge is as per the Hypothecation of Goods and Book Debts and
the Hypothecation of Books and Bad Debts and the Agreement for Extension of
Charge by way of Hypothecation over Current Assets to secure Non Fund Based
Facilities all dated 27-11-2010. Others Stock shall be
adequately insured against all comprehensive risks, for non-compliance of
conditions penal interest @ 2% over and above required rate of interest will
be levied, Personal Guarantee of all Directors. Limit against the book debts
will not be more than 50% of the total assessed limit. |
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Short particulars
of the property charged |
I)
1)All
stocks of computer hardware, spare parts, machinery, etc. and other articles,
goods, stocks and movable property of any kind whatsoever II)
which
now or hereinafter from time to time during this security shall be brought
into stores or be in or about borrowers premises, godowns or wherever else
may be included/including in particular III)
2)Hypothecation
of entire Stock, Book Debts, receivables, bills and other chargeable current
assets of the borrower(both present and future). Book debts of not more than
90 days. IV)
3)1091
sq. feet carpet area, Office no.403, 404, 405 and 406, 4th Floor Twin Complex
Phase I Premises Co. Op Soc. Limited, Opp. Marol Fire Station, Marol Maroshi
Road, Andheri (E), Mumbai - 400 059. |
FIXED ASSETS:
- Computers
- Office
Equipment
- Furniture and
Fixture
- Motor Car
- Building
- Software
Contingent Liabilities:
|
Particular |
As on 31.03.2010 (Rs. in
Millions) |
As on 31.03.2009 (Rs. in
Millions) |
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Contingent liabilities not provided for: |
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Bank guarantee |
0.180 |
0.195 |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.09 |
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|
1 |
Rs.72.82 |
|
Euro |
1 |
Rs.63.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.